E-Krona: The Swedish Blockchain Currency Under EU Rule

E-Krona: The Swedish Blockchain Currency Under EU Rule



hello everyone do you use cash when you pay do you know somebody else who uses cash do you know somebody who uses cryptocurrencies do you know somebody who knows what a bleak blockchain is it doesn't really matter because if you don't use cash you won't be using more cash for your payments anyway and people are using less less cash payments however the European Union is still not on the page of creating a digital currency because as we know southern countries they use a lot more cash and compared to the Nordic countries so where's the testing ground for all new technologies which are privacy invasive well you guessed it that's in Sweden so many technologies many digital projects have been initially tested in Sweden and this will not emit the digital currency of the criminal the Iran the National Bank has for two years now been trying out kissing out ideas about how that might be implemented how it might function how it might be accessible for people and so on they have still not tried it and it will probably be functioning along a blockchain principle now if you don't know what a blockchain is it's a mechanism to keep track of transfers of keeping records and whatever just for clarification here's a short bit from a james corbett video where he just explains it in a very good and simple way as long as there has been civilization there has been the need for secure and accurate record-keeping of transactions and events and since the birth of civilization there has only been one way to keep those records a system where a recognized central Minister stores secures and updates that ledger until now that is with the advent of the blockchain an accurate ledger can now be maintained without a single central point where that information is stored maintained or updated so what does the blockchain record well whatever you wanted to of course it can be used as a tool for creating smart contracts or registering land ownership or creating decentralized cryptocurrency x' so now that you know what a blockchain is you understand that it can either be of benefit for anonymity and privacy or it can be used by a national bank so of course to counter all this decentralized currencies which use the blockchain function or mechanic's mechanism they would like to create something which is centralized paid by air by tax payers and used by the central government which means that of course everything will be tracked now Sweden is a unique example and why it's a testing ground for all digital innovations is because if we look at the cash example I think cashews has dropped like 40 percent from 2010 so now only about like 13 percent of payments are done in cash back in the days you know the argument was that cash is for criminals so and so on but that doesn't hold up a water anymore because you know you have these crypto currencies and digital money yen you know if they can't use this paper money from this country they will use another so that's a bad argument now cash is very important because the less less cash there is in a society the more the banks can charge you for having a credit card a debit card you know MasterCard or Visa whatever and as cash use is kind of dropping it looks like it's gonna head towards that way where you will have a centralized digital currency now the interesting thing in their report from both mm 17 and 18 which I recommend for any sweet listening to read through or any other EU citizen because it will be tested in your country – maybe Sweden is before your country but they will just take Sweden as an example as a pioneer and other countries are doing this already so the privacy aspect you know let's go straight to that it says blatantly and you know clearly that it will depend on EU regulations so it doesn't really matter what kind of national currency our country might create it will still be under the I would say not supervision but under the control of the EU regarding its policy and so and so and so so you know why should we you rush to have sorry for the focus ah it's kind of wet and raining outside so yeah okay so why would you rush to actually create a digital currency where they will have control of the national currencies in the future and you know 50 years from that they can just sort of consolidate them all into one currency and you know my kids and my grandkids will never know what cash is what you know paper money's just as I remember the days of cheques and stuff you know wallets parents having wallets when you were a kid and so on those days are gone so all of this means the elimination of any kind of anonymous transfer they say that if you buy for example a voucher for this potential digital currency that might be anonymous but hey and that's not the same as what you can do today and as I said in the country there are many countries in the EU which are still cash based societies that might change the Nordic countries or you know first adapters of digital trends and so on so yeah 13% cashews and we it will only get less and less now what can we do about this you know it's one thing to sort of sit there and complain and mention George Orwell and all that stuff but what you can do is to actively use cash sometimes you can also be active in an informed on what kind of alternative payments you can use to people you know various kind of crypto currencies which is you know pretty complicated because the values change so much it goes up and down and there are so many and if you give somebody like one amount and it's worth a cup of coffee today it might be worth nothing or a car in one year so it's cartoon stable so I understand that's kind of hard to do and the cryptocurrencies have proven to be very infiltrated and corrupt so the only thing one has left is to keep an eye on this you know if you want is interested keep using cash for stuff and just ponder on the idea that you know the next generation might not be able to buy a bag of groceries anonymously I mean today you have you know bank cards that's traceable of course but still it's a good thing to be able to do that em you know farmers who might have you know plantations where you can sort of pick something and put money in the box that won't be anonymous and they do that because otherwise the government will force them to create the business model how and you know do all kind of complicated bureaucracy so let's say you're driving in scorning Sweden in a stallion you walk by L you drive by your apple plant and you pick some apples in a bag you put some money in a box and that's it it's a pretty cozy thing it's pretty honest the natural you know in the countryside you can buy all sorts of stuff like that that won't be possible so it's actually one of the last nails in the coffin for humans to interact with one another and exchange goods anonymously the arguments as I said about criminality and the use of cash it's it's so bad because they just use digital currencies other currencies whatever and they are always a step ahead especially compared to average people like me and you so we are the ones who will suffer from this and you see in the end people no longer have cash in their pockets do you have cash in your pocket do you know somebody who has its you know stores don't even accept cash anymore in some places even though our shop should accept the national currency and they can make an obvious a exclusive deal by just informing you with the sign on the door so let's say it's a small secondhand store or I don't know they can just have you know only card for payments and whatever and yeah so people are just using the comfortable way of paying and thus destroying the last kind of free base transaction we can have by giving you cash to cash cash for goods goods for cash however you know humans are innovative so even if that would happen there are alien kind of cash digital cash system people might have come up with a new value-based system of exchange you know either direct trade or there will be something else because I just think about so many things and just because I already mentioned Apple plantations or something like that you know they can just scan it oops look you know you know you need to fill file a text you need to text that money you need to you know report that to the government well before he could just have that box and we put cash there we got some apples or whatever interesting stuff now I will keep myself updated on this and I will leave a link to the reports below you don't have to read them all you can just go to the conclusion to the intro to the places in the report which might interest you but it doesn't take that long to read them if you have some free time it's very interesting if it hasn't happened in your country it will be there sooner or later because here it's kind of happening and people already are adapted to using digital money our digital payments credit cards and so on and people are really getting the blood taste for instant transfers so yeah we'll see how this develops remember that resistance always comes from your individual actions so take out some cash go and buy something with that cash and as always take care and all the best ciao [Applause]

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About the Author: Maximilian Kuhn

1 Comment

  1. Thanks for bringing up this issue!
    In 2017 I decided to only shop where I could use cash in Sweden. I also decided to make a scene and leave the place when mistakingly shopping/eating in a cards only-place.. and it's actually quite fun!
    My fingerprints might be for sale, if the deal is right. But my human rights and freedoms are priceless!

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